Crypto
Bitcoin Plunges Below $79K as Strive Continues to Buy BTC
The price of Bitcoin has fallen below $79,000, after reaching a high of $82,103. It now trades at $78,649, down 1.64% for the week.
Strive, a large Bitcoin reserve company, purchased another 1,375 BTC for $109 million, bringing its total holdings to 24,531 coins. The purchase was made at an average price of $79,281 per BTC.
Strategy, on the other hand, has paused its Bitcoin purchases and instead spent $176 million repurchasing its own preferred shares, STRC. This move is part of Strategy's effort to support STRC and increase demand for the security. However, Peter Schiff questioned whether there is genuine demand for STRC, arguing that if it relies on company buybacks to remain near $100, it will not be able to issue more shares.